Katie Potts

The Managing Director and also the lead fund manager for Herald Investment Management Ltd. She established HIML in December 1993 to manage Herald Investment Trust plc which was launched in February 1994.

Katie read Engineering Science on a GKN Group scholarship at Lady Margaret Hall, Oxford. She worked for five years in investment management at Baring Investment Management Limited, before joining S.G. Warburg Securities’ UK electronics research team in 1988. The team was consistently voted top team in the Extel survey of analysts in the sector, and she was voted top analyst by finance directors of electronics companies canvassed by the Treasurer magazine. In addition Katie had responsibility within S.G. Warburg’s UK research department for commenting on accounting issues.

She is supported in managing the funds by a team of six investment professionals and three consultants.

Fraser Elms

Fraser joined HIML in May 2000. He has lead responsibility for the Herald portfolios’ Far East exposure. He also has analytical responsibility for the global communications and networking industries. He has over nineteen years of fund management experience and is Deputy Manager of the Herald Investment Trust.

Prior to joining Herald, Fraser was a technology analyst with Dresdner Kleinwort Benson, where he covered the European technology sector. Before this he worked at Prudential for three years as member of a team of three UK unit trust fund managers that managed £5bn in equities, with Fraser having lead responsibility for three funds collectively worth £400m. He graduated from Lancaster University with a degree in Economics and initially joined Prudential as a product manager for their Unit Trusts, before completing an MSc in Investment Analysis at the University of Stirling and re-joining Prudential in an investment role. Fraser covers the semiconductor sector.

Taymour Ezzat

Taymour joined HIML in November 2004. He is a portfolio manager on the Venture funds, sitting on the venture committee, and taking lead responsibility for a number of the investments in the venture portfolios. He also has analytical responsibility for the media sector. He has  responsibility for the European portfolio.

Previously he spent a year appraising a number of venture capital opportunities for E.D. Capital Partners. Prior to that, Taymour had spent six years at Northcliffe Newspapers, the regional newspapers division of Daily Mail & General Trust (DMGT), latterly as Finance Director of its electronics publishing arm. Beforehand, Taymour worked for Reuters in London and Eastern Europe for four years. He qualified as an accountant with Price Waterhouse, and studied Economic History at the London School of Economics and Political Science.

Hao Luo

Hao joined HIML in 2004 and works with Fraser Elms managing the Far East portfolios. He also has analytical responsibility for the manufacturing sector globally. He obtained a BA in Economics from Hunan University in China and a Masters degree in Finance from Manchester University. He worked for J&A Securities in Shanghai from 2000-2002. Hao is a CFA charterholder.

Peter Jenkin

Peter joined HIML as an analyst in 2015.  Peter covers the software sector and contributes to the overall investment selection. After working jointly on the European portfolio, he currently has responsibility for the North American portfolio within Herald Investment Trust. Peter has a CFA qualification and before joining Herald he studied Construction Engineering Management at Loughborough University.

Bob Johnston

Bob  joined in 2016 to establish a US office in New York. He has more than 20 years experience in the technology sector on the sell-side, and he has worked with the Herald team for roughly 15 years. Most recently, Bob was with the technology specialist Pacific Crest, and prior firms that he worked for include Hambrecht & Quist and SoundView Technology. Bob has taken responsibility for telecommunications, networking and security analysis. US companies do not come to the UK as they used to, and Herald feels it necessary to have a US presence to enable maintenance of frequent contact with companies.

Danny Malach

Danny joined HIML in June 2016 and since obtaining the Investment Management Certificate in April 2017, has acted as the funds dealer. He obtained first class honours in his BA in Accounting at Northumbria University and subsequently achieved a merit in his MSc in International Economics and Finance at Newcastle University.

Fati Naraghi

Fati joined in 2019 to focus on the Herald Worldwide Technology Fund.  Prior to Herald, Fati had been responsible for Global Tech Sector at Newton Investment Management for 20 years.  Fati has a Ph.D. in Communications Systems and is qualified as an AWS Cloud Practitioner.



Non-executive directors and consultants


John Booth

John is a non-executive director of Herald Investment Management Ltd and acts as a consultant to the Herald Venture Partnerships. John is an entrepreneur who chairs several public and private companies including Maintel plc and the London Theatre Company. He is also a non-executive director of a number of investment management businesses and has a range of venture capital interests in e-commerce, media and telecommunications. John is Chairman of The Prince’s Trust and a trustee of the Tate Gallery, the Arts Foundation and a number of other charities.  John is a graduate of Oxford University and is a Fellow of Merton College, chairing the College’s Development Board.


Vanessa Donegan

Vanessa is a non-executive director of Herald Investment Management Limited. Vanessa has thirty-seven years of experience investing retail and institutional portfolios in Asian companies.  She was Head of the Asia Pacific desk at Threadneedle Investments and then Head of Asia Pacific Equities, EMEA region at Columbia Threadneedle for a combined total of twenty-one years. She is an independent non-executive director of Invesco Asia Trust plc, JP Morgan Indian Investment Trust plc, Fidelity China Special Situations plc and State Street Global Advisors Luxembourg SICAV.  She is a governor and trustee of Woldingham School and also a trustee of a Catholic charity.  Vanessa has a degree in Classics from Lady Margaret Hall, Oxford.


Jean Matterson

Jean Matterson is a director of Herald Investment Management Ltd and HIML Holdings Limited.  She was a partner for over 20 years at Rossie House Investment Management in Edinburgh, which specialises in private client portfolio management with a particular emphasis on investment trusts. She was previously with Stewart Ivory & Co Ltd for 20 years, as an investment manager and director. She is Chairman of Capital Gearing Trust plc, was a former Chairman of Pacific Horizon Investment Trust plc and was a former director of BlackRock Throgmorton Trust Plc.


Richard Cunningham

Richard is a consultant on the venture capital committee, and sits as a non-executive on a number of investee companies. He joined Project Telecommunications Ltd as Joint Managing Director in 1991 shortly after its formation and was responsible for finance, technology and operations. Project Telecommunications Ltd became a wholly owned subsidiary of Project Telecom plc which was floated on the LSE in 2000. Richard became the Group Finance Director. He was central to the growth of the company from its embryonic stage through its flotation in 2000 to its eventual sale in 2003. The company was acquired in September 2003 for £162m in cash by Vodafone plc. He left the company upon completion of its sale choosing to spend a significant proportion of his working month as a consultant to HIML on Herald Ventures II. Previously Richard was Vice President of Citicorp Investment Bank, specialising in European electronics and telecommunications having had experience of equity analysis and corporate finance at Citicorp Scrimgeour Vickers.


Aidan Paul

Aidan is a consultant on the venture capital committee, and sits as a non-executive on a number of investee companies. He is the founder and CEO of Vtesse Networks Limited, a specialist provider of very high capacity optical networks. Aidan was formerly UK Managing Director for Alliant Partners, the technology M&A subsidiary of Silicon Valley Bank. Prior to that he was Director of Corporate Finance for Technology and Telecommunications at Robert Fleming. He held previous positions at the PA Consulting Group, BICC and GEC in consulting, product planning and design, in communications, optical and medical electronics. He is a Chartered Engineer and a Chartered Management Accountant.